Indeed, more than 2.8 million people have signed a petition started last year that calls on lawmakers to pass legislation for recurring $2,000 monthly payments. That will wipe out about $5 billion in weekly benefits that had been flowing to unemployed workers - aid that had supported those workers in paying for groceries, rent and other essentials.įor many people, in short, the latest round of $1,400 checks is long gone even as other pandemic stimulus is coming to an end - an issue that is on the minds of many Americans who continue to struggle with joblessness and a weak labor market. 'Uncertainty and hesitancy may ultimately lead to a more slow-burning recovery from here than our baseline assumes,' wrote Ben May, director of global macro research at Oxford Economics, in the report.Īt the same time, 9.1 million people lost enhanced unemployment benefits on Labor Day, when the federal benefits expired. Economists are signaling alarm over the spread of the Delta variant, with Oxford Economics recently cutting its forecast for 2021's global economic growth to 5.9% from 6.4%.
And while businesses are hiring, there are still about 5.3 million fewer people are on payrolls today than before the pandemic. The unemployment rate stands at 5.2%, still higher than its pre-pandemic level of 3.5%.
